European shares extended their rally with an assist from energy and health stocks as Germany’s debt reform plans helped to boost confidence that Europe’s largest economy will increase spending and kick-start growth.
European stocks have handily outperformed their global counterparts so far this year.
The pan-European Stoxx 600 index rose 0.8 per cent.
Wall Street stocks struggled to follow their European counterparts higher on Monday after mixed economic data and in advance of talks between US president Donald Trump and Russian president Vladimir Putin aimed at ending Ukraine war.
Dublin
Trading volumes in Dublin on St Patrick’s Day were light but Ryanair closed marginally up at €20.99 despite the rise in oil prices. Home builder Glenveagh rose a further 3 per cent after its positive results last week. The company said its revenue for the year to the end of December rose by 43 per cent to €869.2 million.
Insulation maker Kingspan and food giant Kerry, both of which have big operations in the US, also closed the day up, by 0.8 per cent and 1 per cent respectively. Glanbia was down nearly 1 per cent.
Europe
European shares closed higher for a second day on Monday, supported by energy and healthcare stocks, with the focus on Germany’s debt reform plans and the Russia-Ukraine conflict.
The pan-European STOXX 600 ended 0. 8 per cent higher, kicking off the week on a positive note. It extended gains from Friday, when it logged its biggest gain in over a month after Germany’s political parties agreed on a historic deal to ramp up state borrowing.
Healthcare stocks added 1.4 per cent, logging their fourth straight gain and longest win streak since late January. Luxury stocks fell. L’Oreal slipped nearly 1 per cent, Kering dropped 2.8 per cent and Burberry declined 4.3 per cent, with the broader index off 0.6 per cent.
London
The FTSE 100 rose on Monday, clawing back some of the losses of recent weeks in spite of gloomy predictions for the UK economy. London’s blue-chip index rose 28 points to finish the day at 8,680, a 0.6 per cent rise.
The gains came despite economists paring back estimates for UK growth, as Donald Trump’s mounting trade war is set to drag on countries around the world including the US.
The Organisation for Economic Co-operation and Development (OECD) cut its predictions for UK growth to 1.2 per cent in 2026, down from 1.3 per cent in its previous predictions.
New York
Wall Street’s main indexes were mixed in choppy trading on Monday following the latest batch of economic data as investors try to gauge the impact of the Trump administration’s tariffs on the world’s largest economy.
Retail sales rebounded marginally in February, but fell short of expectations. A separate report showed factory activity in New York State plummeted this month by the most in nearly two years.
The Fed’s rate decision is slated for Wednesday, with market expectations firmly anticipating the US central bank will maintain current interest rates, according to data compiled by LSEG. -Additional reporting Reuters
